-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The region is certainly not more affordable than it has ever been – especially since they were gaming the calculations using a 3.1% 30 year mortgage … that rate was not widely available and certainly not accessible to everyone, especially those with low credit. But as I’ve posted repeatedly here – the savings from moving out of IL to another state are gone. Nearly everywhere else has increased in price more than Chicago. The higher home price elsewhere, repaid with interest, offsets the cheaper real estate taxes. Tampa used to be cheap now it’s up 30% in one year! This… Read more »
Does that “affordability” cover that in the Collar Counties, you’d be paying a double mortgage (mortgage + monthly property tax amount [Yearly Amount / 12])?
When we left the monthly amount for property taxes was higher than our mortgage payment sans taxes.
All real estate sold in Chicago should require mandatory bullet proof vests at closing.